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Spanish Home Mortgages Decline Most on Record as Bad Loans Surge
22 September 2011 @ 15:14

More bad news showing that the Spanish property slump is far from over with a massive fall in home loans in July, compared to previous July.  This is starting to resemble 1990s Japan.  From Bloomberg:

The number of Spanish mortgages issued for home purchases fell by the most on record in July as growth slowed and the European debt crisis pushed up the country’s borrowing costs.

The number of home loans fell 47 percent from a year earlier, the most since the series began in 2004, after a 42.4 percent drop in June, the National Statistics Institute said in an e-mailed statement today in Madrid. Total capital lent on all mortgages fell 48.3 percent, it said.

Oh dear...


 



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1 Comments


Lobin said:
22 September 2011 @ 16:05

True, but one has to take into consideration that last July, there was an extraordinary increase in transactions because vat was increasing at the end of the month.

It will provide a better picture to compare other periods of 2010 and 2011.

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